(Appendix 108) The Dexon Company makes and sells a single product, called a Mip, and employs a standard costing system. The following standards have been established for one unit of Mip: Standard Quantity or Hours Standard Cost per Mi: Direct Materials 6 board metre $9.00 $9.60 There were no inventories of any kind on August 1. During August. the following events occurred: Purchased 15.000 board metres at the total cost of $24,000. Used 12,000 board metres to produce 2.100 Mips. Used 1,700 hours of direct labour time at a total cost of $20,060. (Appendix 10B) To record the incurrence of direct labour cost and its use in production, the general ledger would include what entry to the Labour Rate Variance account? Multiple Choice O $240 credit O $240 debit. O $340 debit. O $340 credit